糖心vlog官网

TopBuild Reports Strong Fourth Quarter and Full Year 2017 Results

DAYTONA BEACH, Fla., Feb. 27, 2018 (GLOBE NEWSWIRE) -- 糖心vlog官网. (NYSE:BLD), the leading purchaser, installer and distributor of insulation products to the United States construction industry, today reported results for the fourth quarter ended December 31, 2017.

Jerry Volas, Chief Executive Officer, stated, 鈥�2017 was a year of profitable growth for TopBuild.听 We remain focused on generating top line growth, identifying additional opportunities that complement our core residential insulation businesses and improving operational efficiencies.

鈥淟ooking ahead, we are very optimistic the housing recovery will continue to strengthen.听 Housing supply is tight, demand is strong and household formations are increasing.听 TopBuild is ideally situated to take advantage of this positive environment through both our TruTeam and Service Partners segments which, combined, are exposed to 95% of all housing starts.鈥�

Fourth Quarter Financial Highlights

(unless otherwise indicated, comparisons are to the quarter ended December 31, 2016)

• Net sales increased 12.9% to $501.4 million, driven by sales volume growth and price increases in both operating segments as well as through acquisitions. On a same branch basis, net sales increased 8.3% to $479.6 million.听
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• Gross margin expanded 60 basis points to 24.3%.
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• Operating profit was $50.0 million, compared to $35.9 million.听 On an adjusted basis, operating profit was $50.8 million, compared to $37.1 million, a 37.2% improvement.
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• Operating margin was 10.0%, up 190 basis points.听 Adjusted operating margin improved 180 basis points to 10.1%.
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• Income from continuing operations was $47.8 million, or $2.93 per diluted share, compared to $34.7 million, or $0.57 per diluted share. The Company noted that in the fourth quarter of 2017 it recorded a one-time tax benefit of $74.1 million related to the passage of the 2017 Tax Reform Bill.听
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• Adjusted income from continuing operations was $30.1 million, or $0.84 per diluted share, compared to $22.2 million, or $0.59 per diluted share.听
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• Adjusted EBITDA was $57.9 million, compared to $42.1 million, a 37.7% increase.听 Incremental EBITDA margin was 27.7%. On a same branch basis, adjusted EBITDA was $55.0 million, a 31.3% increase, and incremental EBITDA margin was 35.5%.听
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• The six acquisitions completed in 2017 contributed $21.8 million of revenue.听 Incremental EBITDA related to these acquisitions was 13.6%.
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• A one-time benefit of $74.1 million from the adjustment of the Company鈥檚 deferred assets and liabilities was taken to reflect the change in the federal tax rate.
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• 听At December 31, 2017, the Company had cash and cash equivalents of $56.5 million, availability under its revolving credit facility of $203.0 million and $100.0 million available under a delayed draw term loan for total liquidity of $359.5 million.

Full Year 2017 Financial Highlights

(unless otherwise indicated, comparisons are to twelve months ended December 31, 2016)

• Net sales increased 9.4% to $1,906.3 million. On a same branch basis, revenue increased 5.2% to $1,831.6 million.听
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• Gross margin expanded 120 basis points to 24.2%.
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• Operating profit was $136.9 million, compared to operating profit of $121.6 million.听 On an adjusted basis, operating profit was $171.9 million, compared to $124.9 million, a 37.6% improvement.
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• Operating margin was 7.2%, up 20 basis points.听 Adjusted operating margin improved 180 basis points to 9.0%.听
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• Income from continuing operations was $128.0 million, or $4.32 per diluted share, compared to $116.3 million, or $1.92 per diluted share.听 Adjusted income from continuing operations was $164.1 million, or $2.78 per diluted share, compared to $119.5 million, or $1.96 per diluted share.听
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• Adjusted EBITDA was $197.6 million, compared to $144.5 million, a 36.7% increase.听 Incremental EBITDA margin was 32.5%. On a same branch basis, adjusted EBITDA grew 30.1% to $187.7 million and incremental EBITDA margin was 47.7%.
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• The six acquisitions completed in 2017 contributed $74.6 million of revenue.听 Incremental EBITDA related to these acquisitions was 13.3%.

Operating Segment Highlights ($ in 000s)
(comparisons are to the period ended December 31, 2016)

Capital Allocation听

Acquisitions
In 2017, the Company completed six acquisitions that are expected to generate approximately $83 million of net annual revenue.听 The companies acquired included two heavy commercial and four residential installation firms.听

In 2018, through February 26, the Company has completed two acquisitions that are expected to generate approximately $31.6 million of net revenue.听

Volas stated, 鈥�Strategic acquisitions remain a top priority and we are encouraged by our robust pipeline of prospects.听 Since implementing our acquisition program in 2016, we have acquired six residential insulation firms, two heavy commercial insulation companies and an insulation products distributor.听 Combined, these nine acquisitions are expected to contribute over $120 million of annual revenue.鈥�

Share Repurchases
In 2017 the Company repurchased a total of 2.4 million shares of its common stock for approximately $139.3 million.听 This includes the receipt of approximately 1.5 million shares from Bank of America Merrill Lynch related to its previously announced $100 million accelerated share repurchase (鈥淎SR鈥�) program.听 The ASR is expected to settle no later than the end of the first quarter of 2018.

2017 Revenue and Adjusted EBITDA Outlook

This outlook reflects management鈥檚 current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, weighted average diluted shares outstanding and interest rates.听 This outlook does not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release.听 Factors that could cause actual 2018 results to differ materially from TopBuild鈥檚 current expectations are discussed below and are also detailed in the Company鈥檚 2017 Annual Report on Form 10-K and subsequent SEC reports.听

Additional Information
Quarterly supplemental materials, including a presentation that will be referenced on today鈥檚 conference call, are available on the 鈥淚nvestors鈥� section of the Company鈥檚 website at .

Conference Call
A conference call to discuss fourth quarter 2017 financial results is scheduled for today, Tuesday, February 27, at 9:30 a.m. Eastern Time.听 The call may be accessed by dialing (800) 920-2997.听 The conference call will be webcast simultaneously on the 鈥淚nvestors鈥� section of the Company鈥檚 website at .听

About TopBuild
糖心vlog官网., headquartered in Daytona Beach, Florida, is the leading purchaser, installer and distributor of insulation products and other building products to the U.S. construction industry. We provide insulation services nationwide through TruTeam^庐, which has over 175 branches, and through Service Partners^庐 which distributes insulation from over 70 branches.听 We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.听 To learn more about TopBuild please visit our website at .

Use of Non-GAAP Financial Measures
EBITDA, incremental EBITDA margin, the 鈥渁djusted鈥� financial measures presented above, and figures presented on a 鈥渟ame branch basis鈥� are not calculated in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�).听 The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods.听 听We define same branch sales as sales from branches in operation for at least 12 full calendar months.听 Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release.听 Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company鈥檚 reported results under GAAP.听 Additional information may be found in the Company鈥檚 filings with the Securities and Exchange Commission which are available on TopBuild鈥檚 website under 鈥淚nvestors鈥� at .

Safe Harbor Statement
This press release contains 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act.听 These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results.听 These forward-looking statements are distinguished by use of words such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渄esigned,鈥� 鈥減lan,鈥� or 鈥渋ntend,鈥� the negative of these terms, and similar references to future periods.听 These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements.听 Our forward-looking statements contained herein speak only as of the date of this press release.听 Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements.听 Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

糖心vlog官网 and Media Contact
Tabitha Zane

386-763-8801

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Released February 27, 2018